Stock-Based Compensation

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation [Text Block]

9.       STOCK-BASED COMPENSATION

Our Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights (“SARs”), deferred stock units(“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado, and any other person or entity as designated by the Omnibus Stock Plan Committee of our Board of Directors. As of December 31, 2011, there were no stock options, restricted stock, SARs or performance shares outstanding under the Plan and 893,952 shares were available for future grant. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation.

DSUs

On May 26, 2011, the Company granted each of the members of its Board of Directors, 131 DSUs which entitle the holder to receive shares of the Company's common stock without the payment of any consideration. The DSUs vested immediately but the shares of common stock underlying the units are not deliverable to the grantee until the grantee is no longer serving on the Company's Board of Directors. In connection with this grant we expensed $300,000, representing the fair value of these awards on the date of grant. This expense is included as a component of “general and administrative” expenses on our consolidated statements of income for the year ended December 31, 2011. There were 1,048 DSUs outstanding as of December 31, 2011.